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Wider Y/Y Loss at Ariad - Analyst Blog

Ariad Pharmaceuticals Inc.
(
ARIA
) reported second-quarter loss of 37 cents per share, wider than
the year-ago loss of 31 cents per share but narrower than the
Zacks Consensus Estimate of a loss of 40 cents per share.

Second-quarter revenues were $14 million, compared with $0.32
million in the year-ago quarter. Revenues surpassed the Zacks
Consensus Estimate of $11 million.

Research and development expenses increased 3.2% year over
year to $41 million. The increase was attributable to the
company's efforts toward further developing and manufacturing
Iclusig and AP26113. Selling, general and administrative expenses
increased 244% year over year to $42.1 million. The massive
increase was primarily attributable to the expenses incurred by
the company in launching Iclusig. The company now expects
research and development expenses of $200-$208 million, and
selling, general and administrative expenses of $152-$160 million
for 2013.

By the end of the reported quarter, more than 610 patients in
the U.S. were given Iclusig. Iclusig is approved for use in
heavily pretreated patients, suffering from resistant and
refractory chronic myeloid leukemia (CML) and Philadelphia
chromosome-positive acute lymphoblastic leukemia (Ph+ ALL).
Iclusig generated $13.9 million of U.S. net sales in the quarter.
Around 450 unique physician prescribers for Iclusig and around
360 unique accounts using Iclusig were noted at the end of the
reported quarter. The company's goal is to treat 1,000 - 1,100
patients with Iclusig by year end.

In Jul 2013, Iclusig was approved in Europe. Ariad expects to
receive approval in Switzerland in the fourth quarter of the
year. Meanwhile, Ariad has filed for regulatory approval in
Canada and Australia.

Iclusig is currently in the phase III EPIC study, in which it
is being compared to
Novartis
's (
NVS
) Gleevec (imatinib) in patients with newly diagnosed CML. Ariad
is presently enrolling patients for the study with interim data
likely to come out in the third quarter of 2014. Iclusig is in
another phase III study, SPIRIT 3, for which enrollment will
start in the third quarter of 2013.

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